The Latest

The Financial Accounting Foundation issued a warning Tuesday, saying that some of its constituents have been contacted by parties falsely claiming to be members of the Financial Accounting Standards Board staff and promoting the sale of Sarbanes-Oxley compliance materials.The foundation did not offer any further information, but did say that it had brought the matter to the attention of the Securities Exchange Commission, as well as law enforcement officials. The foundation also asked any constituents who believe they have been exposed to the scheme to contact their local authorities.

The Brookings Institution has issued a new report, “A Local Ladder for Low-Income Workers: Recent Trends in the Earned Income Tax Credit.”Prepared by research analyst Elizabeth Kneebone, the report contains an analysis of Internal Revenue Service data on low-income working families who received the federal EITC for the 2000 and 2004 tax years. Among the report’s findings:

If Democrats are serious about rolling back the alternative minimum tax, then they should be happy to have gotten a little more fodder last week to use in whatever PR campaign accompanies the unveiling of their plan.The White House released copies of the tax returns for both the Bushes and the Cheneys last Friday, and both families somehow found their way to avoiding the AMT.

Internal Revenue Service Commissioner Mark Everson will leave the agency to become president and chief executive of the American Red Cross next month.Everson, 52, has served as IRS commissioner since May 2003. During his time with the agency, he has publicly focused his attention on efforts to better serve taxpayers, continue the agency’s modernization of its systems and enhance its enforcement activities. In recent months, Everson has heard increased clamoring from Congress over how the agency and the Treasury Department should best work to address the nation’s growing tax gap -- estimated at $345 billion for the 2001 tax year.

Like crocuses, Justice Department press releases detailing prosecutions for tax evasion seem to proliferate in early spring, usually just before the the bulk of tax returns are to be filed. This year was no different.

The U.S. Supreme Court said that it would not revisit the decision made by lower courts to vacate the conviction of Kenneth Lay, the late founder and former chairman of Enron Corp.In October, U.S. District Judge Sim Lake dismissed the federal indictment used to bring Lay to trial. Lay was unable to exhaust the appeals process after dying of a heart attack in early July, less than two months after a jury convicted him on six charges of conspiracy and fraud and Lake found him guilty on four charges of bank fraud.

A real estate investor from Brooklyn, N.Y., had the requisite skillz to win the $25,000 TaxRap contest sponsored by TurboTax.In a statement, the company said that the submission from Christian Pulfer, 28, stood out as one of the most individual and creative entries. Pulfer’s entry, “It’s Just a Breeze…G,” was selected by guest judge Vanilla Ice from more than 370 homemade rap videos.

The White House released copies of the tax returns for both the Bushes and the Cheneys late last week.

Late last week, the Internal Revenue Service learned of a new tax scam on the Internet that lures taxpayers into filing tax information on a site masquerading as a member of the Free File Alliance.The IRS reminded taxpayers the only place to access the Free File program is through the official IRS Web site, at www.IRS.gov.

Carbis Walker LLP, a firm specializing in public accounting and consulting, is offering manufacturers and distributors the opportunity to participate in a national benchmarking survey through a partnership with McGladrey & Pullen LLP.